A new study from the Boston College Center on Wealth and Philanthropy shows that the greatest wealth transfer in history is currently underway, with more than $59 trillion passing to heirs, charities and Uncle Sam between now and 2061.

The majority of this wealth — $36 trillion — is being passed directly to heirs and another sizeable chunk — $27 trillion – will be passed to charity, either through final estate bequest or total lifetime gifts.

And even though the study notes that the transfer of $59 trillion is the largest in history, it estimates that the final figure will likely be much higher than that.

So what is your plan for either transferring or receiving inherited wealth?

If you don’t have one – and far too many of you don’t – we encourage you to start planning now, since in our view your estate plan is more of a process than a static document. Our relationship with our clients continues long after your estate planning documents have been signed.

As your life changes and your family grows, you will find that our legacy planning will play an important role in how you choose to transfer wealth to future generations. We keep all your estate planning documents accessible to you in an electronic file, and schedule timely reviews so that we can furnish you with three very important services:

We ensure that all your assets are owned correctly so your family isn’t stuck dealing with an expensive, unnecessary, and public Court process. Establishing a Trust once and then never looking at it again isn’t the answer — regular updating and assurance that all your assets are documented and owned properly is.

We make sure that the guardians you have named for your minor children, the trustees you have chosen to carry out the terms of your trust, and the agents you designate to make health care decisions for you in case you cannot make them yourself are still the people you want in charge.

We help you record your values, experiences, family history and other important intangibles you want to pass on to future generations so they are never lost. Our estate plans cover far more than just your money, focusing on what matters most — your values, insights, stories and experience. The things most often lost when someone dies.

Contact a Personal Family Lawyer® today to schedule a time for us to sit down and have a Family Wealth Planning Session, where we can help you look at what would happen now if something were to happen to you and ensure everything passes to your loved ones in the way you want.